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Banks Face Rs197 Billion Additional Tax for Lending to Government A tax advisory firm, Tola Associates, has projected that banks in Pakistan will face an additional income tax burden of Rs197 billion due to excessive lending to the federal government. This tax will be imposed on 27 banks—both domestic and foreign—that have significant operations in the country. Additional Tax Due …

PTCL Group Posts Significant Q3 Loss Despite Revenue Growth The PTCL Group has reported a notable Rs6.3 billion loss for the third quarter of 2024, marking a sharp rise from the Rs2.3 billion loss recorded during the same period last year. Over the first nine months of 2024, the company’s total losses escalated to Rs15.3 billion, a significant increase from …

Gold Prices Increase in Local Markets Gold prices in the local market have seen a modest increase. The price of 24-karat gold per tola has risen by Rs200, reaching Rs275,700. Meanwhile, the price of 10 grams of gold increased by Rs171, settling at Rs236,368. This follows a larger price hike seen just the day before when gold prices surged by …

Introduction Gitex Global 2024, the world’s largest technology and startup exhibition, kicked off today in Dubai, highlighting Pakistan’s rapidly growing information and communication technology (ICT) and startup ecosystem. This prestigious event provides a global platform for Pakistani companies to showcase their innovations and form partnerships with international tech firms. Pakistan’s Strong Presence at Gitex Global Alongside Gitex Global, the North …

Introduction Volta Space Technologies, a Montreal-based startup with US offices, has announced an innovative project called “LightGrid.” Specifically, this satellite network will orbit the moon, collecting solar power and transmitting it to spacecraft on the lunar surface. Moreover, the technology aims to provide uninterrupted power for lunar exploration missions, even in areas with no sunlight. LightGrid: A Revolutionary Power Solution …

Introduction Pakistan’s central bank has announced that the country will repay $30.35 billion in foreign debt and interest between August 2024 and July 2025. This includes significant loans that bilateral creditors roll over every year, adding pressure on the nation’s finances. Breakdown of Debt and Interest Payments The State Bank of Pakistan (SBP) reports that it needs $26.48 billion to …

Introduction The Pakistan Sugar Mills Association (PSMA) recently announced that the new sugarcane crushing season will begin on November 21, 2024. This decision comes despite the government’s recent approval to export an additional 500,000 metric tons of sugar. The PSMA assures that even after these exports, there will be sufficient sugar stocks to meet domestic demand for more than a …

The price of petroleum products in Pakistan is expected to rise by Rs2.75 per litre. The Oil and Gas Regulatory Authority (OGRA) has submitted proposals aimed at increasing the profits of oil companies and petrol pumps. Proposed Profit Margin Increases Sources indicate that the proposal sent to the government includes an increase in the profit margin for oil companies by …

The Pakistani government has made written commitments to the International Monetary Fund (IMF) to limit the powers of the Special Investment Facilitation Council (SIFC) and the Sovereign Wealth Fund. These measures are part of broader reforms to ensure greater accountability and transparency. Additionally, Pakistan has agreed to phase out all Special Economic Zones (SEZs) by 2035. Limiting SIFC and Sovereign …

The government on Friday approved the export of an additional 500,000 metric tons of sugar. This decision comes amid concerns of manipulated stock figures and consumption patterns, reflecting the strong influence of sugar barons on policy-making. The Economic Coordination Committee (ECC) based the approval on conflicting data compared to previous reports. This decision raises questions about transparency and the credibility …